Could Floki Inu be the crypto that finally gets me into the game?

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Samuel O’Brient of InvestorPlace recently explained how Floki Inu (CCC: FLOKI-USD) believes he can outperform both Dogecoin (CCC: DOGE-USD) and Shiba Inu (CCC: SHIB-USD) in terms of market capitalization.

Source: Shutterstock

As of this writing, Dogecoin is in ninth place according to Coinmarketcap.com with a market cap of $ 36.2 billion, SHIB is 11th at $ 29.9 billion and FLOKI, with a market cap of 2 , $ 4 billion, is around 79th place.

However, the fact that it has risen 5.214% since the start of the year suggests anything is possible with this small but powerful cryptocurrency.

What caught my interest in my colleague’s comments of October 28 was the emphasis on utility.

Here is what I wrote a few days earlier:

“When it comes to cryptocurrency, the only thing that matters to me is utility. If a crypto doesn’t have it, I’m not interested. That’s why I didn’t jump on Bitcoin. It is a modern version of gold. Only, it’s not such a tangible asset, ”I wrote on October 26.

So, before considering Floki-Inu, I would consider its usefulness beyond being a cryptocurrency. What can he do to make the world a better place?

Does Floki-Inu make the world a better place?

As my colleague said, Floki Inu has three main projects that they are working on.

There’s Valhalla, which is looking to take NFTs (non-fungible tokens) and gaming to the next level. FlokiPlaces will be a digital marketplace for NFTs with FLOKI as the primary currency.

It should be ready by the end of the year. Finally, he creates Floki Inuversity, a crypto education platform that is destined to become the largest database of crypto content, all available using Floki tokens.

Of the three, the latter seems to offer the most utility to the average investor because it will educate people, but it is hardly a game-changer. There are currently many good sources for cryptocurrency material – most of them are free.

No, what I’m talking about are products and services that challenge the status quo.

I recently discussed Cardano (CCC: ADA-USD) and the Input Output Hong Kong (IOHK) – the group behind the blockchain network – work done in Ethiopia.

Specifically, the Atala Prism project aims to create a digital identity system that will keep track of the attendance and grades of five million Ethiopian students.

“If you can’t measure it, you can’t improve it.”

The Atala Prism home page explains what the Atala Prism vision is for businesses, governments and government agencies, and individuals.

“Instantly access a variety of services. No more forms, passwords or wasted time, ”says the last sentence of the project’s vision for empowered individuals.

In the frequently asked questions section, he goes to great lengths to explain how individuals under a decentralized identity solution are the sole owners of their personal information.

Unlike many websites that sell your data to third parties, Atala Prism keeps individuals in control of their personal information.

What’s not to like?

I don’t want to rain on the Floki Inu parade, but its utility doesn’t come close to that of Cardano, in my opinion.

It doesn’t mean you shouldn’t buy FLOKI-USD

Just because I don’t think Floki Inu offers enough utility to make it a worthwhile investment, doesn’t mean you can’t make money with cryptocurrency. On the contrary.

I have argued in the past that if you buy lottery tickets, it is probably a smarter speculative bet to buy $ 20 of Floki-Inu each week than the equivalent amount of lottery tickets.

This is because the payout could be considerably higher than the free tickets that most people win each week playing lotteries. Of course, you can always take a portion of your speculative winnings and donate them to causes aided by lottery income.

In the end, the words of my InvestorPlace colleague Josh Enomoto ring true:

“If you want to make fat boy profits only with Bitcoin, you have to deposit fat boy dollars. On the flip side, you just need to put little boy dollars into Floki Inu to possibly – again, with the emphasis on possibly – seeing the big boy return.

And so, Enomoto’s Law can finally get me into the cryptocurrency game. Not because I think it’s the best, but because it’s one of the cheapest, with upside potential to make big profits.

InvestorPlace does not regularly post reviews on cryptocurrencies with a market cap of less than $ 100 million or of a volume of less than $ 100,000 every day. This is because these “penny cryptos” are frequently the playground for scammers and market manipulators. When we post a comment on low volume crypto that may be affected by our comment, we ask the editors of InvestorPlace.com to disclose this fact and warn readers of the risks.

Read more: How to Avoid Popular Cryptocurrency Scams

As of the publication date, Will Ashworth does not have (directly or indirectly) any position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.

Will Ashworth has been writing about investing full time since 2008. His publications include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger and several others in the United States and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.

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